TAX PRO PLUS LA

Planning for a Child's College Expenses Should Start Early

Some in Congress have proposed “free” (i.e., government-paid) tuition for community college attendance. Even if that proposal were to become law, it still leaves parents and their children-students responsible for paying for college and university attendance if the student wants a bachelor or other degree. Over the years, Congress has provided a variety of tax incentives to help defray the cost of education. Some tax-related education benefits are currently available while others will be beneficial only with long-range planning, and the sooner these plans are implemented, the better.

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Video Tips: Advance Child Tax Credit Reconciliation on 2021 Tax Return

If you received the Advance Child Tax Credit during 2021, you may have to reconcile the payment amount on your 2021 tax return. Watch this video for details.

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Advance Child Tax Credit and EIP Must Be Reconciled on Your 2021 Return

Early in 2021 Congress passed the American Rescue Plan which included a provision that increased the child tax credit amount and upped the age limit of eligible children. Normally, the credit was $2,000 per eligible child under age 17. For the 2021 tax year the American Rescue Plan increased the credit to $3,000 for each child under age 18 and to $3,600 for children under age 6 at the end of the year.

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Tax Treatment of Reverse Mortgages

With inflation on the rise and medical care costs escalating, what options do seniors have for keeping up, especially if they have a mortgage on their home and their retirement income is only barely covering their mortgage payments and other necessities, with little left over for some enjoyment in their golden years, without relying on help from family?

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Live Updates: The Latest News for Taxpayers and Small Business Owners

Check in for live updates with all the latest relevant news stories for individual taxpayers and SMB owners.

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